U.S. Congressmen Set Gold Hearing
Source: Seeking Alpha, Ira Stoll (9/16/10)
"September 23 hearing to focus on regulating gold-selling companies"
From the press release: "Under Rep. Weiner's bill, companies like Goldline would be required to disclose the reasonable resale value of items being sold." That's great. Are Weiner and Chairman Bernanke also going to agree to print on every dollar the reasonable expectation that its value will be eroded by inflation?
Gold investors (or speculators) are already punished by the federal government by having their investment, even in a gold ETF, taxed at the higher rates that apply to collectibles rather than long-term capital gains.
The whole situation is amazing. If Weiner really wants to calm fears about hyperinflation, the last way to do it is to have a government hearing cracking down on the people warning of it.
The press release reports that "invitations to the hearing have been sent to the representatives of Goldline International, the Federal Trade Commission, the Consumers Union and other potential witnesses, including former Goldline employees."